Best mortgage deal

Questions and Answers

Where can I find the best mortgage deal?

Q) My partner and I are looking for a mortgage lender. We are 1st time buyers in England(midlands). We would prefer a 100% mortgage but my partner has CCJs(they are all paid off)and I currently don't work. We have looked into different mortgages but can only get around £75000 and would also need a deposit. This is a problem because all the suitable houses are over £100000 and also, because we have quite a high rent, there is no way we can afford a deposit. Does anyone have any ideas of where to look? My partner has a good, well paid and secure job. we do have credit unions but I am not sure how good they are. I think they are more for people on social security and stuff like that. I will try them though.

A) Speak to Phil at Suttons, he is an independent financial advisor, he doesn't charge for his services, and will find you the best deal. He will try harder than others to get you a mortgage because he gets a commission from whoever he recommends you to. You need to have saved with a credit union for some time, before you can have any sort of loan from them, it is best to speak with an independent financial advisor. You could try looking at the following website, you may need to do a bit of searching on it to find what you want. www.motleyfool.co.uk

Who offers the best mortgage deal to first time buyers with a 5% deposit?

A) Most Sunday papers have an article on best buys like this so have a look. There are also web sites such as Moneyexpert.com. and MSNmoney.

Where I can find the best mortgage deal?

A) go to www.moneysupermarket.com they compare lots of different prices.

Whats the best 5yr fixed rate mortgage deal on the market?

Q) with no extended redemption period after the 5 yrs and a low arrangement fee?

A) Currently have a 6% fixed for 20 years, no Early redemption fee and 1 off payment £125 arrangement fee. Bradford & Bingley.

which bank offers the best buy-to-let mortgage deal?

Q) I only can pay up to 10% deposit.

A) Most of them require a 15% deposit as far as I am aware. If you check with an independent broker he will find you the best deal for your individual circumstances.

Best Buy to let mortgage deals?

Q) Anyone know what the best websites are for buy to let mortgage deals?

A) www.moneysavingexpert.com

Redemption penalty applies to early repayment and transfer of same mortgage deal to another property?

Q) I bought my first house in December 2006 jointly with my husband. After having redeveloped the property, we would now like to sell the property on and make a nice profit on the sale of this house. However, Birmingham Midshires state that there will be an early redemption penalty of around £11000 to pay, should the mortgage be repaid within the first two years (i.e. prior to December 2008). Does this early redemption penalty still apply if we wish to continue to use Birmingham Midshires as our lender and if we wish to continue to use the same mortgage deal as we presently do and the new mortgage is the same value as the amount we presently owe? Any suggestions appreciated! Thanks!

A) There shouldn't be a charge as what your wanting to do 'porting'. This is basically where you sell your current house and move the product to the new property. The redemption charge only applies when you're literally paying off your mortgage by remortgaging or paying it off by other means. This isn't the case from what you've said. Hope this helps xx

whats the best way to deal with an endownment policy that isnt going to pay my mortgage?

Q) after 20 years we now find that our mortgage wont be finished in 5 years a we hoped its devisating when you are getting old to find this out can anyone advise me in a helpful way please

A) 1 option.. Find out exactly what the minimum guaranteed amount your policy will pay out. Contact your mortgage lender and ask them to change your mortgage so that the minimum guaranteed amount is on interest only and the rest is on repayment. Your monthly repayments would be a bit higher than they are now but you will have fully repaid the repayment part at the end of the term and the endowment policy will take care of the interest only part. If the payments are then too high you can see if you can review your mortgage to another product for a lower rate and do the same with the interest only and repayment amounts.

best mortgage company?

Q) who does the best mortgage deals for people with a not so great credit history

A) Try this site for advice, and see what you can come up with: http://www.fool.co.uk/mortgages/compare-mortgages.aspx (2006 Best Mortgage site of the year)

What is the best mortgage to go for in London banks?

Q) I am a first time house buyer and need to find a mortgage wihtin the next 16 weeks. I would like to know what banks are doing the best mortgage deals at the moment, can anyone help?

A) The woolwich life time tracker is a good one but go on moneysupermarket.com and they will give you the best deals on the market

Best mortgage deal?

Q) My sister in law is moving to Florida and is looking for the best mortgage deal that she can get. She has the house picked out and now needs the best 30 fixed with no added cost. Any help would be greatly appreciated. Please don't say go to lending tree or one of those. She just wants one name, one number and one great deal. Thanks much!

A) Try Advanced Capital Group, Inc. They are licensed in Florida, and offer great deals, low closing costs and will work with her to get the lowest possible homeowner's insurance and post closing to help her secure mortgage protection which is so important and almost always overlooked. Email me and I can give you all of their information.

Where is the best (only) bank to get the absolute best deal on a refinance mortgage?

Q) Does any such organization exist in this thievery invented by jews? It seems no matter what my credit score is I ALWAYS will get dinged on either a) closing costs b) rate or most often BOTH! Then, when you really play hardball with the banks they typically tell you they'll only do an ARM or something, anything less than a 30 year fixed rate mortgage. What gives? Where is the deal? I couldn't even find such a deal when they said rates were so good 3 years ago!.

A) I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Where can I get the best deal on a home mortgage?

Q) My income is not large, but have excellent credit and will pay 20% down. I've been "pre-approved" but am looking for the best deal, and was wondering if anyone had an amazing referral to somplace I've missed. I've looked into Ditech, eloan, Wells Fargo, and a local broker, and will contact ING Direct too. Any other suggestions of banks, online lenders, etc. would be marvelous, though preferably not individual brokers at this time. I'm just trying to get the best deal with the few pennies I earn, so I'll be financially happy when I move into my new home. Thanks!

A) It all depends on wht you mean by "best deal". Do you mean best interest rate, lowest closing costs, best service, most ethical loan officer? The best deal for you may not be the best deal for someone else and vice versa. Quit shopping for the wrong thing and find an individual with whom you can develop a lifelong home ownership relationship, someone who will look our for your best interests, educate you on all of your options so that you can choose the one that best meets your needs, and helps you achieve your goals. And, for heaven's sake, be wise enough to stay away from the loan shark feeding frenzy questions like your's draw.

What is the easy way to get the best deal on a mortgage.?

Q) Not looking to get a mortgage right now but would like to know.

A) The best way to get the lowest rate varies. However, you should look into credit unions. they usually have the best rates. Getting the best deal varies. You should have a FICO score over 700 and your debt to income ratio should be in your favor.

best deal on a mortgage with 500 fico score?

A) I would shop multiple lenders and explain to them upfront your FICO score. Many lenders such as Countrywide have hundreds of loan programs. In the long run it teaches us how important it is to have a good FICO score, by watching our debt and paying as agreed. FICO score can improve over time. I once had an experience where my insurance was to pay a hospital bill, the hospital turned the claim into a collection company and the collection that I personally paid, stayed on my credit report for years. My expereince tell me the more active one is in the real estate investment business by purchasing the lower the FICO score. In conclusion paying on time is important. Another alternative is the consideration for Owner Financing. Best to You.

HELP! FINANCE people.... Wheres the best deal on a Mortgage?

Q) I am looking to purchase a home. Looking for an Arm rate (5/1). I have Excellent credit, great job, i wont be putting anything down and will be piggybacking the loans 80/20. IF im borrowing around 300K what is the lowest i could get for a loan? IF any out there are under 1K a month i would love to sign up immediatly!

A) For 300K, and nothing down, the only thing you could get for less than a grand would be an interest only. You will just need to shop around. Banks and mortgage companies change their rates & programs on a daily basis. You can register at LendingTree.com, or similar mortgage locater service. They are partnered with dozens of different lenders and will submit your info to all of them, and give you back a short list of the ones offering the best deal for your type of loan.

Need help.....How to find the best deal on a 30-year fixed mortgage?

Q) House will be around $230,000. I really only want to put down 10%. Should I do an 80-10-10? Will a bank waive the PMI? What's the best way (or site) to make these banks compete? Great info guys...thanks!

A) 1) To shop rates, I highly recommend bankrate.com. 2) An 80-10-10 may be a viable option. But compare the total payments and cost for a 90% loan with PMI versus the payments and cost for the combination 80%/10% loans without PMI. Don't automatically assume the later is cheaper - it may not be. 3) PMI will be required on any loan over an 80% LTV. The 80-10-10 is specifically sought after to avoid PMI. 4) Try lendingtree.com. - you enter your info, and then have at least 3-4 lenders competing for your business. But shop the rates ahead of time just to make sure they're competitive. Good luck.

With a bankruptcy a year and a half ago, what is the best deal I can find on a mortgage and which company?

A) I assume you mean your BK was discharged 1-1/2 years ago. The previous answer concerning waiting 2 years after BK only apply to FHA mortgages, which may or may not work for your situation. What steps have you taken to "fix" or "clean up" your credit? What have you done to "rebuild" your credit? Do you know your FICO credit scores? If you don't you should go to www.myfico.com/12 and spend the $45.00 and get your real FICO scores(the ones lenders use), that will also give you the top 4 reasons why your credit scores aren't higher, which will give you a game plan to increase your scores. If you want more specfic suggestions for your situation feel free to contact me at creditguru@earthlink.net

I am in the mortgage business. What is the best way to deal with the stress of angry clients?

A) stop taking there hard earned cash

I need to refinance my mortgage next month. What questions should I ask the lender to get the best deal?

Q) I was going to compare rates @ the Lending Tree. What do I need to know or need to ask? Do I need money down, need to pay points, how much are closing costs? I now have a fixed rate that is turning into a flexible rate next month. I pulled up my credit report and looked up Experian and I have a 740 "vantage" score. What kind of rate could I qualify for? Please help! Thank you for your information!!!!

A) Hello Aunt Fanny, You are on the right track with the few questions you have asked here.. In a refinance transaction, you do not need to have any money down... All closing costs will be rolled into the loan itself.. As for paying points.. You do not need to pay points.. It makes no sense to pay points in a refinance loan.. If you have a broker trying to charge points, they are simply overcharging you to make a profit.. As for closing costs, there are a few third party companies that have charges that cannot be wiaved to complete a refinance.. These include title charges, appraisal, closing, processing, and underwriting... These are all tasks preformed by anb outside organization and are a necessity to complete a transaction... Other fee;s that can be charged are origination and broker fee's.. Typically these fee's can range anywhere from $1000, to $5000 depending on your loan size.. My company on the other hand only charges a $500 administration fee. there are no broker fee's or origination fee's... as for the sentence you wrote "i have a fixed rate that is going flexible next month" just so you know, this means you have an adjustable rate mortgage, or ARM... You have a fixed period (2-7 years) and then it adjusts.. If your rate is about to adjust, you want to act now before your rate sky rockets.. If you plan to live in this home for the rest of your life, i would suggest you get a FIXED rate this time around.. If you plan to move in less then 7 years, then it will be better for you to get an ARM..(They are lower then a fixed rate, but only smart if you plan to sell or refi before the adjustment point) As for what you qualify for, with a credit score of 740, as long as your other qualifying factors are okay (income, reserves, equity) then you will qualify for a "conforming interest rate" or in other words, A+ paper... You have a very good credit score so you will qualify for a good interest rate.. (probably around 6.125 - 6.5%) (just estimating, it could be lower depending on your factors) And last but not least, i want to tell you a little bit about "Lending Tree" Just to let you know lending tree is not a mortgae lender... I know their commercials make it seem that way, but what they do is act as a lead generator... You submit information online, or by phone, and lending tree then sells it to 4-5 mortgage companies.. Now one might think it is smart to have 4-5 companies look at their credit and give them an analisys... Unfortunately, THIS CAN BE DETRAMENTAL TO YOUR CREDIT SCORE... What i mean by that is every single time you have a mortgage company look at your creidit, it creates what is called an "inquiry" Every time you get another credit pull, or inquit\ry, your creidt score drops..(sometimes as much as 2-3 points) This is the last thing you wnat to happen.. Every point you lose on your credit could mean thousands of dollars more you spend in interest!! What i always suggest is that you work with a single lender that is "partnered with multiple investors".. My company for instance is licensed and partnered with 42 spereate lending institutioins.. We pull ONE credit report, and then shop among our investors with the "one single report" By doing it this way, i can find for you which lender is willing to giv eyou the lowest rate and fee's, and the best possible mortgage solution for you... This is the whole idea behing being a mortgage advisor.. Its no different then real estate agent who assists you in finding the best home, or a financial planner, who assists you on where and how to invest your money... From experience in working with Lendng tree in the past, it is more of a hassle then it is a convenience.. The last thing you wnat is 4-5 mortgae companies hounding you, and more importantly having multiple companies pull your credit....Not a good idea for any consumer... So, i hope ive answered your questions thoroughly, if i havent, or you have any more, i am available at all times to answer anyting else...I ahve helped alot of people from this site both refinance a mortgage, and also purchase a new homw.. I take pride in knowing that i can help people in need of answers both make a educated decision, and offer assistance with the financing side of the loan... Feel free to call or email me at any time!! Good luck! Jason Fry Licesned Mortgage Advisor Providential Bancorp jasonf@providential.com 312-550-5583